I disagree. Maybe no value to a true collector, who demands a 100% orginal gun, but there are plenty of us small-potatoes collectors (aka "accumulators") who like old S&W's -- even refinished ones. Assuming good mechanical condition, that nickeled baby chief would make a fine carry gun (refinished or not).So it's worth at least as much as an everyday Chief, which around here is at least the mid-threes. I'd sell off the pearls for a c-note (or whatever I could get), put some $20 UM boots on there, and carry it happily ever after.Well, the gun has been refinished. That pretty much kills the value. If the pearls are real, they are probably worth as much or more than the gun.